The US Securities and Exchange Commission (SEC) has approved Volt Equity’s application to launch an exchange-traded fund (ETF) for a basket of shares of companies “revolutionizing the bitcoin industry.”
The instrument will be listed on the NYSE Arca under the ticker BTCR in the next few weeks.
80% of AUM will be formed by shares of organizations that hold BTC as a reserve asset or receive most of their income from mining, lending or making transactions with Bitcoin.
In an interview with Decrypt, Volt Equity founder Tad Park revealed the ETF will include around 30 companies, including Tesla, Twitter, Square, Coinbase and PayPal.
The Volt Crypto Industry Revolution and Tech ETF does not involve the physical acquisition of the first cryptocurrency.
The fund’s total annual operating expenses will be 0.85% of AUM.
We should remember that Investment company Invesco has launched two industry-focused blockchain ETFs.
In August, Bloomberg experts predicted a Bitcoin ETF would be approved by the SEC by the end of October.